Bristol-Myers Squibb Co. announced late Tuesday that company veteran Lamberto Andreotti, the drug maker's President and Chief Operating Officer, will become Chief Executive on May 4, a step that should continue the company's transformation into a midsize, pure-play drug manufacture.

Mr. Andreotti, who took the seat as the President and COO last March, has spearheaded varied senior leadership roles at the New York drug maker over the past 12 years, both internationally and in the U. S. He succeeds James Cornelius, who will remain board Chairman.

Mr. Andreotti has pledged to not only continue the strategy that Mr. Cornelius implemented after entering the firm in 2006 but also to accelerate it.

"It would be crazy for me to change it. I've been putting it together under Jim's guidance", said Mr. Andreotti in a conference call with reporters.

In addition to the cut costs through layoffs, plant closures and wage freezes by the company, Mr. Cornelius had transformed from a huge drug maker's traditional reliance on primary care medicines prescribed by family doctors to wide swaths of patients.

On Tuesday, Bristol-Myers shares registered a closing price $24.72, outlining a gain of 1%. The shares are up 39% over the last 12 months, lagging the 60% gain for the S&P 500 Index.